According to Zhitong Finance App, Blue River Holdings (00498) announced that on March 21, 2024, the seller (a direct wholly-owned subsidiary of the company) and the buyer (Dawn Rainbow Limited) signed the agreement. The seller has agreed to sell shares (sell all of the company's issued share capital) and transfer sales loans to the buyer, and the buyer has agreed to buy shares and accept the transfer sales loan at a cost. The buyer paid the seller a total price of HK$1 million in respect of the sale under the agreement.

The completion was carried out simultaneously with the signing of the agreement. After completion, the company will no longer hold any interest in the sale company, and the sale of the Group's performance, assets and liabilities will no longer be comprehensively included in the Group's comprehensive financial statements.

It is reported that the seller is Blue River Infrastructure Group Limited. The selling company is Blue River Wuhan Port Limited, which mainly engages in investment holdings. As of the date of this announcement, the sales group (composed of the sales company, Baohua Minsheng, Minsheng Petroleum and its two Chinese subsidiaries) is mainly engaged in liquefied petroleum gas and liquefied natural gas business. The sale of the Group's main assets mainly includes liquefied petroleum gas storage bases and liquefied petroleum gas facilities. As at 31 January 2024, the net adjusted unaudited consolidated liabilities of the sale group owed by the owners of the company was approximately HK$340 million.

According to the announcement, the company believes that the sale is a good opportunity for the company to relieve the pressure due to the huge capital burden of the liquefied natural gas project and sell the underperforming liquefied petroleum gas and liquefied natural gas business, thereby reducing potential losses and improving the Group's operating efficiency and return on investment.